The global oilfield services market is anticipated to grow at a moderate CAGR of 4.9% during the forecast period (2024-2031). The increasing demand for energy particularly in emerging economies drives the need for exploration and production activities; thereby driving the global market. Additionally, technological advancements in drilling and extraction techniques enhance efficiency and reduce costs, attracting investment in oilfield services. Furthermore, the depletion of easily accessible reserves necessitates the utilization of advanced technologies and services to access more challenging reserves aiding to the market growth. Moreover, regulatory changes and environmental considerations prompt the adoption of innovative solutions and services to comply with stringent standards, contributing to the expansion of the oilfield services market.
Browse the full report description of “Oilfield Services Market Size, Share & Trends Analysis Report by Type (Equipment Rental, Field Operation, Analytical and Consulting Services), by Application (Onshore and Offshore), and by Service (Workover and Completion Services, Production Services, Drilling Services, Subsea Services, Seismic Services, Processing and Separation Services) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/oilfield-services-market
In December 2023, KLX Energy Services launched its VISION Suite of downhole completion tools, including the OraclE-Smart Reach Tool (SRT), SpectrA PDC, and PhantMDissolvable. These innovations aim to enhance operational efficiency and reliability, particularly for horizontal wellbores with long lateral runs. John Horgan, Vice President of Operations at KLX, emphasizes the suite's ability to deliver maximum results with seamless execution in oilfield services.
Moreover, in May 2022, Baker Hughes launches the MS-2 Annulus Seal, cutting rig trips for well installations and potentially saving up to $500,000 per rig. This metal-sealing (MS) innovation reduces costs, extends well life and enhances integrity. Installed in a single trip, it boosts rig efficiency and ensures reliability in challenging conditions, offering significant savings and efficiencies within the oilfield services sector.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Type
o By Application
o By Service
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes Halliburton Energy Services, Inc., Schlumberger Limited, Aker Solutions ASA, SAIPEM SpA, EXPRO HOLDINGS UK 2 LIMITED among others.
Key questions addressed by the report
Global Oilfield Services Market Report Segment
By Type
By Application
By Service
Global Oilfield Services Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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